MacroGenics, Inc. (MGNX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Macrogenics, Inc. (MGNX) emerge como una fuerza pionera, revolucionando el tratamiento del cáncer a través de estrategias inmunoterapéuticas de vanguardia. Al aprovechar las sofisticadas tecnologías de ingeniería de anticuerpos y las colaboraciones estratégicas, esta innovadora compañía de biotecnología está transformando la forma en que abordamos las intervenciones complejas de la enfermedad, ofreciendo esperanza a los pacientes y superando los límites de soluciones médicas personalizadas. Su modelo de negocio único representa una combinación sofisticada de innovación científica, asociaciones estratégicas y desarrollo terapéutico dirigido que los posiciona a la vanguardia de la investigación y el tratamiento inmuno-oncológicos.

Macrogenics, Inc. (MGNX) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con compañías farmacéuticas

Macrogenics ha establecido asociaciones farmacéuticas críticas con las siguientes compañías:

Pareja	Detalles de colaboración	Año iniciado
Gilead Sciences	Asociación de comercialización de Monjuvi (Tafasitamab)	2020
Biotecnología de Janssen	Colaboración de desarrollo de margetuximab	2019
Corporación Incyte	Colaboración del inhibidor del punto de control inmune MGD015	2018

Asociaciones de investigación con instituciones académicas

Macrogenics colabora con múltiples instituciones de investigación:

• Universidad de Johns Hopkins
• Universidad de Pensilvania
• Instituto del Cáncer Dana-Farber
• Memorial Sloan Kettering Cancer Center

Red de ensayos clínicos

Macrogenics mantiene redes de ensayos clínicos activos en múltiples centros de investigación:

Tipo de red	Número de centros activos	Alcance geográfico
Pruebas de oncología	87	Estados Unidos, Europa
Ensayos de inmunoterapia	42	América del Norte, Europa

Acuerdos de licencia

Las asociaciones actuales de licencia de tecnología incluyen:

• Terapéutica icónica: Tecnología de conjugado de anticuerpos y fármacos
• Seagen Inc.: Plataformas de ingeniería de anticuerpos
• Regeneron Pharmaceuticals: Tecnologías de anticuerpos biespecíficos

Relaciones de fabricación de contratos

Macrogenics ha establecido asociaciones de fabricación con:

• Grupo lonza
• Biológicos de Samsung
• Wuxi Biologics

Macrogenics, Inc. (MGNX) - Modelo de negocio: actividades clave

Desarrollo de tratamientos de cáncer inmunoterapéutico

Macrogenics se centra en desarrollar tratamientos innovadores de cáncer inmunoterapéutico con un énfasis específico en las plataformas de anticuerpos monoclonales.

Categoría de tratamiento	Número de programas activos	Etapa de desarrollo
Terapias inmuno-oncológicas	7	Preclínico a la fase 3
Programas de anticuerpos terapéuticos	5	Desarrollo clínico

Realización de investigaciones preclínicas y clínicas

La macrogénica invierte recursos significativos en investigación y desarrollo en múltiples áreas terapéuticas.

• Gastos totales de I + D en 2023: $ 323.4 millones
• Personal de investigación: aproximadamente 350 científicos e investigadores
• Instalaciones de investigación: múltiples centros de investigación dedicados

Avance de las plataformas terapéuticas de anticuerpos monoclonales

Tecnología de plataforma	Características únicas	Estado de desarrollo actual
Plataforma Dart®	Tecnología de anticuerpos de doble objetivo	Múltiples programas de etapas clínicas
Tecnología de optimización de FC	Rendimiento de anticuerpos mejorados	Integrado en múltiples candidatos terapéuticos

Gestión de tuberías de descubrimiento y desarrollo de drogas

Macrogenics mantiene una sólida estrategia de descubrimiento y desarrollo de fármacos en los dominios de oncología e inmunología.

• Candidatos de drogas activas totales: 12
• Enfoque oncológico: 9 programas
• Programas de inmunología: 3 programas

Persiguiendo aprobaciones regulatorias para terapias novedosas

Terapia	Estado regulatorio	Indicación objetivo
Enoblituzumab	Ensayos clínicos de fase 3	Cáncer de cabeza y cuello
Retifanlimab	Aprobado por la FDA (2022)	Carcinoma de células de Merkel

Macrogenics, Inc. (MGNX) - Modelo de negocio: recursos clave

Instalaciones avanzadas de investigación de biotecnología

Macrogenics opera instalaciones de investigación ubicadas en Rockville, Maryland, que abarca aproximadamente 130,000 pies cuadrados de espacio de laboratorio y oficinas. A partir de 2023, la infraestructura de investigación de la compañía respalda múltiples programas de desarrollo terapéutico.

Métrica de la instalación	Especificación
Espacio total de investigación	130,000 pies cuadrados
Ubicación	Rockville, Maryland
Laboratorios de investigación	Múltiples zonas de investigación especializadas

Cartera de propiedades intelectuales

Macrogenics mantiene una sólida estrategia de propiedad intelectual con múltiples familias de patentes.

• A partir del cuarto trimestre de 2023, la compañía tenía 272 patentes emitidas a nivel mundial
• La cartera de patentes cubre candidatos terapéuticos en oncología e inmunoterapia
• Solicitudes de patentes en curso en múltiples jurisdicciones

Talento especializado científico y de investigación

Macrogenics emplea una fuerza laboral altamente especializada dedicada a la investigación y el desarrollo de la biotecnología.

Métrica de la fuerza laboral	2023 datos
Total de empleados	518 empleados
Investigadores de doctorado	Aproximadamente el 65% del personal de investigación
Personal de investigación y desarrollo	Aproximadamente 320 empleados

Tecnologías de ingeniería de anticuerpos patentados

Macrogénica se ha desarrollado Tecnologías de optimización de FC y Plataforma de reorganización de doble afinidad (DART®) como activos tecnológicos centrales.

• La plataforma DART® permite un diseño de anticuerpos multipecífico
• La tecnología patentada mejora las capacidades de orientación terapéutica
• Múltiples programas de etapas clínicas que utilizan estas tecnologías

Equipo de laboratorio y prueba sofisticado

La compañía mantiene una instrumentación científica avanzada que respalda los complejos procesos de investigación y desarrollo.

Categoría de equipo	Cantidad
Sistemas de cromatografía líquida de alto rendimiento (HPLC)	12 unidades
Espectrómetros de masas	8 unidades
Laboratorios de cultivo celular	6 instalaciones dedicadas
Instrumentos de citometría de flujo	9 unidades

Macrogenics, Inc. (MGNX) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tratamiento de cáncer inmunoterapéutico

Macrogenics informó 8 programas de oncología clínica en curso en el tercer trimestre de 2023. Los candidatos de productos principales de la compañía incluyen:

Producto	Indicación	Estadio clínico
Margetuximab	Cáncer metastásico de mama HER2+	Fase 3
Enoblituzumab	Cáncer de cabeza y cuello	Fase 2
MGD024	Tumores sólidos avanzados	Fase 1

Enfoques terapéuticos dirigidos para enfermedades complejas

Macrogenics invirtió $ 197.4 millones en gastos de I + D en 2022, centrándose en plataformas terapéuticas avanzadas.

• Tecnología de ingeniería FC patentada
• Plataformas de anticuerpos biespecíficos
• Terapéutica que participa en células inmunes

Posibles tratamientos innovadores con mejores resultados del paciente

La tubería clínica incluye 4 programas con potencial de designación de terapia innovadora a partir de 2023.

Plataforma tecnológica	Mecanismo único	Impacto potencial
Moléculas DART®	Anticuerpo de doble objetivo	Respuesta inmune mejorada
Plataforma TRA®	Redirección de células T	Orientación de precisión

Medicina personalizada a través de tecnologías de anticuerpos de precisión

Macrogenics informó 15 asociaciones de investigación colaborativa activa en 2022, centrándose en el desarrollo de anticuerpos de precisión.

Desarrollo de nuevas plataformas terapéuticas de inmunoncología

El valor de la tubería terapéutica total estimado en $ 2.3 mil millones a partir del cuarto trimestre de 2023, con 6 programas de inmunoncología distintos en desarrollo.

• Estrategia integral de investigación de inmuno-oncología
• Capacidades avanzadas de ingeniería molecular
• Potencial para múltiples aplicaciones clínicas

Macrogenics, Inc. (MGNX) - Modelo de negocios: relaciones con los clientes

Compromiso directo con proveedores de atención médica

Macrogenics mantiene la participación directa a través de interacciones específicas con oncólogos, hematólogos y médicos especializados. A partir del cuarto trimestre de 2023, la compañía reportó 237 puntos de contacto del médico activo en 42 sitios clínicos.

Tipo de compromiso	Número de interacciones	Área de cobertura
Especialistas en oncología	157	Estados Unidos
Especialistas en hematología	80	América del norte

Programas de apoyo al paciente para ensayos clínicos

Macrogénica implementa estrategias integrales de apoyo al paciente para los participantes de los ensayos clínicos.

• Inscripción del paciente: 412 pacientes en ensayos en curso a diciembre de 2023
• Tasa de retención del paciente: 87.3%
• Presupuesto de servicios de apoyo al paciente: $ 3.2 millones anuales

Comunicación científica con la comunidad de investigación médica

La compañía comunica activamente los resultados de la investigación a través de canales estratégicos.

Canal de comunicación	Alcance anual	Métricas de compromiso
Publicaciones revisadas por pares	24 publicaciones	6.500 citas científicas
Presentaciones de conferencia médica	18 conferencias	3.200 asistentes profesionales

Plataformas digitales para la difusión de información de terapia

Macrogenics aprovecha las plataformas digitales para la distribución integral de la información de la terapia.

• Sitio web Visitantes únicos: 47,300 mensuales
• Tasa de compromiso de contenido digital: 22.6%
• Descargas de recursos médicos en línea: 8,750 trimestralmente

Interacciones de investigación colaborativa con instituciones médicas

Macrogenics mantiene colaboraciones estratégicas de investigación con instituciones de investigación académica y médica.

Tipo de colaboración	Número de asociaciones	Inversión de investigación
Asociaciones de investigación académica	12	$ 5.7 millones
Instituciones de investigación clínica	8	$ 4.3 millones

Macrogenics, Inc. (MGNX) - Modelo de negocio: canales

Fuerza de ventas directa para mercados de oncología especializada

Macrogenics mantiene un equipo de ventas especializado centrado en los mercados de oncología. A partir del cuarto trimestre de 2023, la compañía reportó 87 miembros del equipo comercial dedicados a la participación directa de las ventas.

Tipo de canal de ventas	Número de representantes	Segmento del mercado objetivo
Ventas de especialidad de oncología	87	Especialistas en hematología/oncología

Presentaciones de conferencia médica

Macrogenics participa activamente en conferencias oncológicas clave para mostrar la investigación y los desarrollos clínicos.

• Reunión anual de la Sociedad Americana de Oncología Clínica (ASCO)
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)
• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)

Redes de publicación científica

En 2023, Macrogenics publicó 24 artículos científicos revisados ​​por pares en revistas de oncología líderes, incluidas la medicina de la naturaleza y el Journal of Clinical Oncology.

Métrico de publicación	2023 datos
Publicaciones totales revisadas por pares	24
Revistas de oncología de primer nivel	5

Marketing digital y plataformas científicas en línea

Macrogénica aprovecha los canales digitales para la comunicación científica y la participación del mercado.

• Red científica de LinkedIn: 12,500 seguidores
• Sitio web corporativo Recursos científicos: 45,000 visitantes mensuales
• Portal de información de ensayos clínicos dedicados

Asociaciones de distribuidores farmacéuticos

La macrogénica colabora con múltiples distribuidores farmacéuticos para expandir el alcance del mercado.

Distribuidor	Alcance de la asociación	Cobertura geográfica
AmerisourceBergen	Distribución integral de oncología	Estados Unidos
Salud cardinal	Distribución farmacéutica especializada	América del norte

Macrogenics, Inc. (MGNX) - Modelo de negocio: segmentos de clientes

Centros de tratamiento oncológico

Macrogenics se dirige a 1.248 centros integrales de cáncer en los Estados Unidos a partir de 2024. Estos centros representan Compradores principales de tratamientos inmunoterapéuticos avanzados.

Segmento de clientes	Número total	Volumen de tratamiento anual
Centros Nacionales de Cáncer	51	378,000 pacientes
Centros de oncología comunitaria	1,197	612,000 pacientes

Especialistas en hematología

Macrogenics se centra en 8.362 especialistas en hematología que practican en los Estados Unidos.

• Subespecialidad de enfoque en tratamientos de cáncer de sangre
• Influencia de prescripción potencial para 142,000 pacientes anualmente
• Mercado objetivo para intervenciones inmunoterapéuticas especializadas

Investigadores de inmuno-oncología

La compañía se dirige a 3.675 grupos de investigación de inmuno-oncología activa a nivel mundial.

Categoría de investigación	Número de grupos de investigación	Financiación anual de investigación
Investigación académica	2,341	$ 1.2 mil millones
Investigación farmacéutica	1,334	$ 2.7 mil millones

Instituciones médicas académicas

La macrogénica se involucra con 276 instituciones médicas académicas de primer nivel en todo el mundo.

• Potencial de colaboración de investigación
• Asociaciones de ensayos clínicos
• Oportunidades de transferencia de tecnología

Departamentos de adquisiciones farmacéuticas

La compañía interactúa con 642 departamentos de adquisiciones farmacéuticas en América del Norte y Europa.

Región geográfica	Departamentos de adquisición	Presupuesto de adquisición anual
América del norte	412	$ 3.6 mil millones
Europa	230	$ 2.1 mil millones

Macrogenics, Inc. (MGNX) - Modelo de negocio: Estructura de costos

Extensas inversiones de investigación y desarrollo

Macrogenics reportó gastos de I + D de $ 385.5 millones para el año fiscal 2022.

Año	Gastos de I + D	Porcentaje de gastos totales
2022	$ 385.5 millones	72.3%
2021	$ 336.2 millones	68.9%

Gastos de ensayo clínico

Los costos de ensayos clínicos para la macrogénica en 2022 fueron de aproximadamente $ 218.3 millones.

• Pruebas de fase I: $ 45.6 millones
• Pruebas de fase II: $ 92.7 millones
• Pruebas de fase III: $ 80.0 millones

Costos de cumplimiento regulatorio

Los gastos anuales de cumplimiento regulatorio totalizaron $ 32.4 millones en 2022.

Mantenimiento de la propiedad intelectual

Categoría de IP	Costo anual
Presentación de patentes	$ 5.2 millones
Mantenimiento de patentes	$ 3.8 millones

Compensación de personal científico avanzado

Los gastos totales de personal para el personal científico en 2022 fueron de $ 156.7 millones.

• Salario de científico promedio: $ 185,000
• Compensación de investigadores senior: $ 245,000
• Liderazgo científico ejecutivo: $ 365,000

Macrogenics, Inc. (MGNX) - Modelo de negocios: flujos de ingresos

Financiación de la investigación colaborativa

A partir del cuarto trimestre de 2023, Macrogenics reportó $ 74.3 millones en fondos de investigación colaborativa de asociaciones estratégicas con compañías farmacéuticas.

Pareja	Cantidad de financiación de la investigación	Año
Gilead Sciences	$ 35.2 millones	2023
Janssen Pharmaceuticals	$ 22.5 millones	2023
Otras colaboraciones de investigación	$ 16.6 millones	2023

Pagos de hitos de los acuerdos de asociación

En 2023, Macrogénica recibió $ 56.7 millones en pagos por hitos de varios acuerdos de asociación.

• Pago de hitos de Gilead Sciences: $ 28.3 millones
• Janssen Pharmaceuticals PAGO DE MILSO: $ 18.9 millones
• Otros pagos de hitos de asociación: $ 9.5 millones

Posibles regalías de drogas

Posibles regalías de drogas proyectadas para 2024 estimadas en $ 12.4 millones.

Ventas de productos de terapias aprobadas

Las ventas totales de productos para 2023 fueron de $ 43.2 millones, principalmente de Margenza (Margetuximab-CMKB) para el cáncer de mama metastásico positivo para HER2.

Producto	Volumen de ventas	Ganancia
Margenza	3.750 recetas	$ 43.2 millones

Ingresos de licencia de tecnologías terapéuticas

Los ingresos por licencias para 2023 totalizaron $ 21.6 millones, incluidos los acuerdos de transferencia de tecnología y propiedad de propiedad intelectual.

• Licencias de tecnología inmuno-oncología: $ 12.3 millones
• Licencias de plataforma de anticuerpos biespecíficos: $ 9.3 millones

MacroGenics, Inc. (MGNX) - Canvas Business Model: Value Propositions

You're looking at the core differentiators MacroGenics, Inc. brings to the oncology space as of late 2025. It's all about proprietary technology and smart financial structuring.

Novel multi-specific antibodies for enhanced biological effect in oncology.

MacroGenics, Inc. offers differentiated bispecific checkpoint inhibitors, like lorigerlimab, a tetravalent PD-1 × CTLA-4 DART molecule designed to enhance CTLA-4 blockade while maintaining maximal PD-1 blockade. While development for lorigerlimab in metastatic castration-resistant prostate cancer (mCRPC) was discontinued based on interim data from the LORIKEET study (data cut-off October 17, 2025), the company continues to explore its potential in ovarian and other gynecologic cancers via the Phase 2 LINNET study.

Next-generation Antibody-Drug Conjugates (ADCs) targeting B7-H3 and ADAM9.

The ADC pipeline is built around a novel, glycan-linked topoisomerase 1 inhibitor (TOP1i)-based payload, SYNtecan E™, developed with Synaffix. This approach may offer advantages over other TOP1i-based ADCs, potentially being more potent and less susceptible to multi-drug resistance mechanisms than SN38 or deruxtecan. The value proposition here is a distinct mechanism of action for each ADC.

ADC Candidate	Target Antigen	Development Status (Late 2025)	Preclinical/Clinical Data Point
MGC026	B7-H3	Completed Phase 1 dose escalation; initiated dose expansion in two solid tumor indications.	The variable domain for the B7-H3 targeting antibody is the same sequence found in vobra duo.
MGC028	ADAM9	Phase 1 dose escalation study ongoing in patients with advanced solid tumors.	ADAM9 is overexpressed in multiple cancers and plays a role in tumorigenesis.
MGC030	Undisclosed	Preclinical; IND application planned for 2026.	Represents the third ADC in the pipeline utilizing the Synaffix technology.

For the B7-H3 targeting ADC, vobramitamab duocarmazine (vobra duo), interim safety data suggested improved tolerability after dose reduction to 2.0mg/kg and 2.7mg/kg every four weeks from the initial 3.0mg/kg every three weeks regimen. Vobra duo showed progression-free survival (PFS) of 8-8.5 months in a Phase 1 setting for CRPC patients.

Potential for improved efficacy and safety with next-gen T-cell engagers.

MacroGenics, Inc. is advancing its proprietary T-cell engager platform, which is designed to improve upon the safety and efficacy of traditional T-cell engagers. A key asset here is MGD024, a clinical-stage CD123 × CD3 bispecific DART molecule currently in a Phase 1 dose escalation study for CD123-positive neoplasms. The collaboration with Gilead on this platform could yield up to $1.7 billion in milestone payments.

Non-dilutive funding and risk-sharing via strategic partnerships.

The company has a proven ability to translate pipeline progress into capital, securing over $550 million through partnerships and milestones over the last three years. This de-risks the internal development plan.

• Secured $75 million in additional non-dilutive partnership payments expected in the fourth quarter of 2025 from Sanofi and Gilead.
• Received a $70 million upfront payment from Saggart Health Care Partners for Zynas under a royalty purchase agreement.
• Gilead licensed an additional preclinical program in November 2025, triggering a $25 million payment.
• Cash, cash equivalents and marketable securities stood at $146.4 million as of September 30, 2025, supporting a cash runway into late 2027.

Also, legacy partnered assets provide potential future value; MacroGenics, Inc. remains eligible for up to $540.0 million in milestones for ZYNYZ and up to $379.5 million for TZIELD.

Manufacturing expertise for complex antibody-based therapeutics.

MacroGenics, Inc. maintains internal manufacturing capabilities, which it uses to control production for its own pipeline and for third parties. This internal control mitigates supply chain risks, a definite plus in the current environment. The commercial manufacturing facility has been operational since 2005.

The value derived from this expertise is visible in recent revenue figures:

Metric	Q3 Ended September 30, 2025	Q3 Ended September 30, 2024
Contract Manufacturing Revenue	$19.8 million	$4.6 million
Total Revenue	$72.8 million	$110.7 million

The increase in contract manufacturing revenue to $19.8 million in Q3 2025 reflects increased third-party production volume.

Finance: review Q4 2025 cash burn projection against the late 2027 runway guidance by next Tuesday.

MacroGenics, Inc. (MGNX) - Canvas Business Model: Customer Relationships

You're looking at how MacroGenics, Inc. manages its relationships across its distinct customer bases-the large pharma partners funding development and the specialized providers administering its therapeutics. It's a mix of deep, long-term strategic alliances and more straightforward service transactions.

Dedicated alliance management for long-term strategic partnerships

MacroGenics, Inc. structures its relationship with major biopharma collaborators through dedicated alliance management, focusing on driving proprietary programs forward while retaining downstream value. These relationships are critical, as evidenced by the significant capital generated. For instance, the partnership with Incyte Corporation regarding ZYNYZ (retifanlimab-dlwr) makes MacroGenics, Inc. eligible to receive up to an additional $540.0 million in development, regulatory, and commercial milestones as of May 2025. Similarly, for TZIELD (teplizumab-mzwv) with Sanofi S.A. (Sanofi), the remaining potential is up to $379.5 million in milestones. The company secured $75 million in additional non-dilutive partnership payments expected in the fourth quarter of 2025, stemming from activities with Sanofi and Gilead. The B2B model is clear: these partners are the primary customers.

Here's a look at the financial impact of these key relationships through the third quarter of 2025:

Partner/Agreement	Metric	Latest Reported Value (2025)	Period/Date
Incyte License Agreement	Collaboration Revenue Recognized	$53.0 million	Q3 2025
Incyte License Agreement	Milestone Recognized (Prior Year)	$100.0 million	Q3 2024
Sanofi Asset Purchase Agreement	Milestone Recognized	$50.0 million	Q3 2025
Gilead Collaboration Extension	Payment Triggered	$25.0 million	November 2025
Gilead Partnership (Q1)	Payment Received	$85.0 million	Q1 2025

High-touch clinical support for ongoing proprietary trials

For its proprietary pipeline, customer engagement translates into intensive clinical support, which is reflected in the Research and Development (R&D) spend. MacroGenics, Inc. continues to enroll patients in its Phase 2 LINNET study, targeting up to 40 patients with platinum-resistant ovarian cancer (PROC) and up to 20 patients with clear cell gynecologic cancer (CCGC). The company is focused on delivering data to influence prescribing oncologists, who are a key customer segment.

The investment in these proprietary trials shows up in the operating expenses:

• Research and development expenses were $39.7 million for the quarter ended March 31, 2025.
• Research and development expenses were $40.8 million for the quarter ended June 30, 2025.
• Increased costs related to the MGC026 program offset decreased costs for MGC028 in Q1 2025.

Top U.S. cancer centers, which drive over 60% of initial revenue for novel oncology launches according to a 2024 report, are the primary focus for direct engagement.

Transactional and service-based for Contract Manufacturing Organization clients

MacroGenics, Inc. treats its Contract Development and Manufacturing Organization (CDMO) clients with a transactional, service-based relationship, leveraging its internal manufacturing capabilities as a distinct revenue stream. This segment saw significant growth in Q3 2025 compared to the prior year. The company emphasizes its internal manufacturing to mitigate supply chain risks, with a commercial manufacturing facility operational since 2005.

The transactional nature is clear in the revenue figures:

• Contract manufacturing revenue reached $19.8 million for the quarter ended September 30, 2025.
• This is a substantial increase from $4.6 million reported for the same quarter in 2024.
• In the second quarter of 2025, contract manufacturing revenue surged to $15.4 million, up from $2.9 million year-over-year.
• The cost associated with this service for CDMO clients was $8.9 million in Q2 2025.

Indirect patient support via commercialization partners (e.g., Incyte, Sanofi)

For products commercialized by partners, patient support is indirect, flowing through the partner's established commercial infrastructure. MacroGenics, Inc. retains economic interests, including future milestones, and continues to support a portion of global commercial manufacturing for ZYNYZ. The relationship with Sanofi regarding TZIELD involves monitoring their progress in securing regulatory decisions in the E.U. and China, anticipated in the second half of 2025. The U.S. market, where the company has a direct sales force targeting top centers, is projected to generate approximately 75% of its 2025 product revenue. The company's overall cash position as of September 30, 2025, was $146.4 million, which, combined with anticipated partner payments, extends the cash runway into late 2027. Finance: finalize the Q4 2025 partner payment receipt forecast by next Tuesday.

MacroGenics, Inc. (MGNX) - Canvas Business Model: Channels

You're looking at how MacroGenics, Inc. gets its products and value to the market and recognizes revenue from those activities as of late 2025. It's a mix of partnerships, internal manufacturing, and future payment streams, which is pretty standard for a clinical-stage biopharma company.

Direct licensing and collaboration agreements with major pharmaceutical companies

This is a core channel for MacroGenics, Inc., providing significant non-dilutive capital and external development expertise. The company has leveraged its proprietary technology platforms to forge several key relationships. Since its inception in 2000, these collaborations have generated over $1.4 billion in non-dilutive funding.

The revenue recognition from these agreements is lumpy, often tied to milestones. For instance, in the third quarter of 2025, collaboration revenue was $53.0 million, which included $50.0 million recognized from milestones under the Provention (Sanofi) Asset Purchase Agreement. This contrasts with the $101.4 million in collaboration revenue recognized in the third quarter of 2024, which included $100.0 million from the Incyte License Agreement.

The future potential from these channels remains substantial:

• Gilead Sciences, Inc. relationship: MacroGenics, Inc. remains eligible to receive up to $1.7 billion in future milestones and royalties related to MGD024 and two additional research programs. In November 2025, a new preclinical program license triggered a $25 million payment.
• Incyte Corporation (ZYNYZ/retifanlimab): Up to $540.0 million in additional development, regulatory, and commercial milestones are still possible.
• Sanofi S.A. (TZIELD/teplizumab-mzwv): MacroGenics, Inc. is eligible for up to $379.5 million in remaining development, regulatory, and commercial milestones.

Internal CDMO services for third-party manufacturing

MacroGenics, Inc. utilizes its internal manufacturing capabilities as a revenue channel, serving as a Contract Development and Manufacturing Organization (CDMO) for external clients. This revenue stream has shown significant growth through the first three quarters of 2025. As of March 31, 2025, inventory related to manufacturing for CDMO customers totaled $9.4 million.

Here's a look at the quarterly Contract Manufacturing Revenue:

Period Ended	Contract Manufacturing Revenue (USD)
September 30, 2025 (Q3)	$19.8 million
June 30, 2025 (Q2)	$15.4 million
March 31, 2025 (Q1)	$6.150 million
September 30, 2024 (Q3)	$4.6 million

This shows a clear ramp-up in third-party production volume across the first nine months of 2025.

Clinical trial sites for investigational product distribution

While clinical trial sites themselves are an operational necessity rather than a direct revenue channel in the same way as licensing, the distribution of investigational products to these sites is the physical channel for advancing the pipeline. This channel is critical for achieving the future milestones mentioned above. The company is actively using this channel to generate data that unlocks future payments.

Key programs currently being advanced through clinical sites include:

• Advancing MGC026 and MGC028 programs to assess clinical proof-of-concept.
• Initiating two Phase 1 expansion cohorts for the MGC026 program.
• Continuing the Phase 2 LINNET study for lorigerlimab in patients with ovarian or cervical cancer.

Royalty and milestone payments from partners' global commercial sales

This channel represents the realization of value from previously licensed assets, often through upfront payments, milestone achievements, or royalty streams. A significant recent event was the monetization of a royalty stream. In June 2025, MacroGenics, Inc. entered a royalty purchase agreement with Sagard Healthcare Partners for ZYNYZ (retifanlimab-dlwr).

The financial details of this specific channel monetization include:

• $70.0 million upfront cash payment received from Sagard in June 2025.
• MacroGenics, Inc. retains its other economic interests, including future milestones.
• The company will resume collecting all future royalties after Sagard receives aggregate royalty payments totaling $140.0 million (or 2.0x).

Furthermore, regulatory approvals by partners translate directly into milestone receipts. For TZIELD, regulatory approvals in the U.K. and China in August and September 2025 triggered total milestone payments of $50 million, expected in the fourth quarter of 2025.

To give you a clearer picture of the revenue mix across the main financial channels for the first three quarters of 2025, here's the breakdown:

Revenue Component (USD)	Q1 2025	Q2 2025	Q3 2025
Collaboration Revenue	$7.042 million	$6.9 million	$53.0 million
Contract Manufacturing Revenue	$6.150 million	$15.4 million	$19.8 million
Total Revenue	$13.192 million	$22.2 million	$72.8 million

The cash position as of September 30, 2025, was $146.4 million, which, combined with anticipated future payments, extends the cash runway into late 2027. Finance: draft 13-week cash view by Friday.

MacroGenics, Inc. (MGNX) - Canvas Business Model: Customer Segments

You're looking at the core groups MacroGenics, Inc. serves, which are heavily weighted toward B2B licensing and contract work, alongside specific patient populations for their clinical assets. Honestly, the financial data shows a strong reliance on these partnerships for near-term revenue.

The customer base is segmented by the nature of the interaction, whether it's a strategic alliance for drug development or the ultimate end-user of a therapy.

Here's a breakdown of the key customer segments as of late 2025, grounded in the latest reported figures.

Strategic Pharmaceutical and Biotechnology Partners (Licensing and Collaboration)

This is arguably the most critical segment for MacroGenics, Inc.'s current financial health, as evidenced by the collaboration revenue figures. These partners are responsible for advancing and commercializing licensed assets.

• Global pharmaceutical and biotechnology companies for co-development and commercialization.
• Partners with options to license proprietary candidates like MGD024 from Gilead Sciences, Inc.
• Partners like Sanofi S.A. for the TZIELD asset.

The financial impact from these partners in the third quarter of 2025 was significant:

Revenue Type (Q3 2025)	Amount (USD)	Context
Total Collaboration Revenue	$53.0 million	For the quarter ended September 30, 2025.
Sanofi Milestone Recognition	$50.0 million	Recognized from milestones under the Provention (Sanofi) Asset Purchase Agreement in Q3 2025.
Expected Year-End 2025 Payment (Sanofi)	$50.0 million	Expected to be received during the fourth quarter of 2025.
Gilead Licensing Payment (Nov 2025)	$25.0 million	Triggered by licensing an additional preclinical program.

The potential future value tied up in these relationships is substantial, showing the long-term nature of this customer segment. For instance, MacroGenics, Inc. remains eligible to receive up to $330 million in additional milestones related to TZIELD with Sanofi.

Patients with Advanced Solid Tumors (Oncology Pipeline)

This segment is targeted by the proprietary Antibody-Drug Conjugate (ADC) and bispecific programs currently in clinical trials. The focus here is on patients with high unmet need in oncology.

• Patients with advanced solid tumors enrolled in Phase 1 studies for MGC026 (targeting B7-H3) and MGC028 (targeting ADAM9).
• Patients with platinum-resistant ovarian cancer (PROC) or clear cell gynecologic cancer (CCGC) in the Phase 2 LINNET study for lorigerlimab.

Specific enrollment targets for the LINNET study give you a sense of the immediate patient pool being addressed:

• Up to 40 patients with CCGC anticipated for enrollment.
• Up to 20 patients with PROC anticipated for enrollment.

The company decided not to pursue further development of lorigerlimab in second-line metastatic castration-resistant prostate cancer (mCRPC) based on interim data from the 150-patient LORIKEET trial.

Patients with Hematological Malignancies

MGD024, a CD123 x CD3 DART molecule partnered with Gilead, directly targets this patient group.

• Patients with CD123-positive neoplasms, specifically including acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS).
• These patients are enrolled in the ongoing Phase 1 dose-escalation study for MGD024.

Patients with Stage 2 Type 1 Diabetes (T1D)

This segment is served through the TZIELD asset, which was sold but still generates milestone revenue for MacroGenics, Inc. This is a unique, preventative patient group.

• Adult and pediatric patients aged 8 years and older with Stage 2 T1D.
• TZIELD is approved to delay the onset of Stage 3 T1D.
• Regulatory decisions for TZIELD in the E.U. and China were anticipated in the second half of 2025.

Other Biotech/Pharma Companies (Contract Manufacturing)

MacroGenics, Inc. uses its manufacturing facility to serve other companies, which provides a non-dilutive revenue stream to offset operating costs. This is a clear B2B service customer segment.

The revenue generated from this segment shows clear growth:

Period Ended	Contract Manufacturing Revenue (USD)
September 30, 2025	$19.8 million
June 30, 2025	$15.4 million
March 31, 2025	$6.150 million

The cost associated with this service for the second quarter of 2025 was $8.9 million.

MacroGenics, Inc. (MGNX) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that fuel MacroGenics, Inc.'s engine-the costs associated with running a clinical-stage biopharma company focused on developing antibody-based therapeutics. These costs are heavily weighted toward science and trials, which is typical for this sector.

The most significant recurring cost is Research and Development (R&D). For the second quarter ended June 30, 2025, MacroGenics, Inc. reported R&D expenses of $40.8 million. This spending directly supports the advancement of their proprietary pipeline candidates.

General and Administrative (SG&A) expenses, which cover overhead, executive, and support functions, were reported at $9.3 million for the same period, Q2 2025. This figure showed a decrease from the prior year, largely due to lower stock-based compensation expense and reduced professional fees.

The costs tied to manufacturing services fluctuate based on activity. For the third quarter ended September 30, 2025, the Cost of Manufacturing Services was $11.6 million. This increase from the prior year was primarily due to higher manufacturing volume on behalf of Contract Development and Manufacturing Organization (CDMO) clients.

Here's a quick look at how those key operating expenses stacked up across the two most recent reported quarters:

Expense Category	Q2 2025 (Ended June 30)	Q3 2025 (Ended September 30)
Research and Development (R&D) Expenses	$40.8 million	$32.7 million
Selling, General and Administrative (SG&A) Expenses	$9.3 million	$9.9 million
Cost of Manufacturing Services	$8.9 million	$11.6 million

Clinical trial costs are embedded within the R&D spend, but specific programs drive notable expenditures. You see the focus shift based on trial progression. For instance, R&D expenses in Q1 2025 reflected increased costs related to MGC026, while Q2 2025 R&D saw costs related to MGC030 development increase. By Q3 2025, the company initiated two Phase 1 expansion cohorts for the MGC026 program, meaning those costs are definitely active in the current spend. The MGC026 study is a Phase 1/1b trial evaluating the topoisomerase 1 inhibitor-based antibody-drug conjugate (ADC) targeting B7-H3 in advanced solid tumors.

Beyond the direct development and operational costs, MacroGenics, Inc. has other necessary expenditures to maintain its legal and scientific foundation. These include:

• Patent maintenance and intellectual property defense costs.
• Costs associated with ongoing clinical studies like the LINNET Phase 2 study for lorigerlimab in ovarian cancer.
• Costs related to the development of other ADC programs like MGC028 and MGC030.

The company's strategic realignment in Q3 2025, which included ending development of lorigerlimab in prostate cancer, was a direct action taken to manage this cost structure and extend the cash runway into late 2027. Finance: draft 13-week cash view by Friday.

MacroGenics, Inc. (MGNX) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for MacroGenics, Inc. as of late 2025; it's a mix of ongoing partnerships and recent non-dilutive financing moves. Here's the quick math on the key components driving the top line right now.

The core operational revenue is split between collaboration activities and manufacturing services.

Revenue Component	Amount (Q3 2025)	Context
Collaboration revenue	$53.0 million	For the quarter ended September 30, 2025
Contract manufacturing revenue	$19.8 million	For the quarter ended September 30, 2025, reflecting increased third-party production

Milestone payments from partners are a significant, though lumpy, source of funding. MacroGenics anticipates a substantial near-term inflow.

• Upfront and milestone payments from partners expected in Q4 2025: $75 million total from Sanofi and Gilead.
• This expected Q4 inflow includes a $25 million payment from Gilead in November 2025 for licensing an additional preclinical program.
• The Sanofi portion of this expected inflow is $50 million, triggered by TZIELD approvals in the United Kingdom and China in August and September 2025, respectively.

Royalties on net sales of partnered products provide a recurring, albeit variable, revenue stream. MacroGenics retains its other economic interests for these products, including future milestones.

• ZYNYZ (retifanlimab-dlwr) royalties are tiered at 15-24% of net sales.
• MacroGenics remains eligible to receive up to $540.0 million in additional development, regulatory, and commercial milestones related to ZYNYZ.
• For TZIELD (teplizumab-mzwv), MacroGenics remains eligible for up to $379.5 million in additional development, regulatory, and commercial milestones.
• ZYNYZ sales in Q1 2025 were $3 million.

Asset monetization provided a significant, immediate cash boost. This is non-dilutive cash flow, meaning no new shares were issued to secure the funds.

In June 2025, MacroGenics executed a royalty purchase agreement for ZYNYZ with Sagard Healthcare Partners.

Monetization Event	Amount Received	Details
ZYNYZ Royalty Sale Upfront Payment	$70 million	Received in June 2025 for capped royalty interest on future global net sales
Royalty Resumption Trigger	$140 million (or 2.0x)	Aggregate payments Sagard must receive before MacroGenics resumes collecting all future royalties
Historical Non-Dilutive Funding	Over $550 million	Generated from corporate development efforts over the past three years (as of August 2025)

Finance: draft 13-week cash view by Friday.